- The President of Argentina denied to know that the scales project was a scam
- More than $ 4 billion was wiped away from the scaling market, accelerated by the money from Insiders
The Argentinian President Javier Milei is in the news today after he denied that the scales of Memecoin that he initially promoted is a scam. Within seven hours after the launch, the Memecoin fell by 96% in the charts and fought more than $ 4 billion on market capitalization.
In a post on X, the president stated that he was not related to the team behind the scales. He also said he stopped promoting after he was “aware of the details.”
Libra team benefited $ 87 million
According to an analysis report on the activity of the scales team by Bubblemaps, Project Insiders fell $ 87 million and were the only sellers of token. Part of the analysis read”
“$ Libra has fallen by 85% because the developers have included $ 87 million in purchasing pressure in their pockets. $ 500 million more to go. “
Source: Bubblemaps
The cash-out of the insiders added the sales pressure to the memecoin and dragged the market capitalization of scales from more than $ 3 billion to less than $ 200 million at the time of the press. Interestingly, the deterioration reflected other ‘presidential memecoins’ that was launched by the Central African Republic and Donald Trump.
Source: X
In mid -January, the official Trump Memecoin peaked at $ 15 billion in market capitalization. However, it quickly fell by 80%, expose Investors for a loss of $ 2 billion.
Fast Vooruit to February, President Faustin Archange of the Central African Republic in the trend and launched The car memecoin. Dumped token with 98% of its market size from $ 1 billion to less than $ 20 million in less than a week.
The similarity and level of value extraction from these memecoins have specified some that they can be run by well-connected ‘grefters’. Argentinian Crypto analyst Alex Kruger called the Libra project A ‘Crime sponsored by the state. ‘
At the time of the press, Libra was appreciated at $ 0.16, a decrease of 96% compared to the all times of $ 4.56.
